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Assembly Bill A10247

2025-2026 Legislative Session

Relates to the excelsior research and development tax credit

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Current Bill Status - In Assembly Committee

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2025-A10247 (ACTIVE) - Details

Current Committee:
Assembly Economic Development
Law Section:
Economic Development Law
Laws Affected:
Amd §355, Ec Dev L
Versions Introduced in 2023-2024 Legislative Session:
A7935

2025-A10247 (ACTIVE) - Summary

Enacts the "empire innovation act"; provides that a participant in the excelsior jobs program shall be eligible to claim a credit equal to the portion of the full cost of the participant's research and development expenses incurred that relates to the participant's research and development expenditures in New York state during the taxable year; provided however, if the participant receives a federal research and development tax credit calculated on the full cost of the participant's research and development expenses that relates to the participant's research and development expenditures in New York state during the taxable year, then said participant shall only be eligible to claim a credit equal to fifty percent of the portion of the participant's federal research and development tax credit that relates to the participant's research and development expenditures in New York state during the taxable year.

2025-A10247 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   10247
 
                           I N  A S S E M B L Y
 
                             February 12, 2026
                                ___________
 
 Introduced  by M. of A. MIKULIN -- read once and referred to the Commit-
   tee on Economic Development
 
 AN ACT to amend the economic development law, in relation to the excels-
   ior research and development tax credit
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section  1.  This  act  shall be known and may be cited as the "empire
 innovation act".
   § 2. Subdivision 3 of section 355 of the economic development law,  as
 amended by section 3 of subpart A of part H of chapter 59 of the laws of
 2025, is amended to read as follows:
   3.  Excelsior research and development tax credit component. A partic-
 ipant in the excelsior jobs program shall be eligible to claim a  credit
 equal  to  [fifty  percent of] the portion of the [participant's federal
 research and development tax credit that relates  to  the  participant's
 research and development expenditures in New York state during the taxa-
 ble year; provided however,] FULL COST OF THE PARTICIPANT'S RESEARCH AND
 DEVELOPMENT EXPENSES INCURRED THAT RELATES TO THE PARTICIPANT'S RESEARCH
 AND  DEVELOPMENT EXPENDITURES IN NEW YORK STATE DURING THE TAXABLE YEAR;
 PROVIDED HOWEVER, IF THE PARTICIPANT RECEIVES  A  FEDERAL  RESEARCH  AND
 DEVELOPMENT  TAX CREDIT CALCULATED ON THE FULL COST OF THE PARTICIPANT'S
 RESEARCH AND DEVELOPMENT EXPENSES  THAT  RELATES  TO  THE  PARTICIPANT'S
 RESEARCH AND DEVELOPMENT EXPENDITURES IN NEW YORK STATE DURING THE TAXA-
 BLE YEAR, THEN SAID PARTICIPANT SHALL ONLY BE ELIGIBLE TO CLAIM A CREDIT
 EQUAL  TO  FIFTY  PERCENT  OF  THE  PORTION OF THE PARTICIPANT'S FEDERAL
 RESEARCH AND DEVELOPMENT TAX CREDIT THAT RELATES  TO  THE  PARTICIPANT'S
 RESEARCH AND DEVELOPMENT EXPENDITURES IN NEW YORK STATE DURING THE TAXA-
 BLE YEAR; if not a green project, the excelsior research and development
 tax  credit  shall  not exceed six percent of the qualified research and
 development expenditures attributable to  activities  conducted  in  New
 York state, or, if a green project or a Green CHIPS project, the excels-
 ior  research  and development tax credit shall not exceed eight percent
 of the research and development expenditures attributable to  activities
 conducted in New York state, or if a semiconductor supply chain project,
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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